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4. EDA BUSINESS <br />4.01: Aeon Purchase Agreement: Multiple Actions <br />Economic Dev. Mgr/Assistant City Administrator Brama presented the staff report. <br />Member Hardin asked and received confirmation that the parcels were being purchased under <br />separate entities. Staff confirmed that was correct. <br />Motion by Member Skaff, seconded by Member Hardin, to recommend to City Council to <br />approve the second amendment to the original Purchase Agreement between the City and Aeon, <br />and to approve the second Purchase Agreement with Aeon, for the second phase of their <br />proposed development. <br />Motion carried. Voting Yes: Chairperson Steffen, Members Skaff, Hardin, Burandt, and Riley. <br />Voting No: None. Absent: Members Brunt and Williams. <br />4.02: Sharp and Associates Purchase Agreement <br />Economic Dev. Mgr/Assistant City Administrator Brama presented the staff report. <br />Chairperson Steffen asked if the geotechnical was discovered as part of the last offer on the <br />property. <br />Economic Dev. Mgr/Assistant City Administrator Brama explained that the issue was discovered <br />during due diligence and was not part of the shovel ready process during the last offer. He <br />confirmed that the soil test had an impact on the purchase price. <br />Member Hardin asked if there have been estimates on the soil corrections. <br />Dennis Sharp stated that there would need to be soil corrections and the site would need to be <br />brought up to grade. He estimated $300,000 to $400,000, depending on what is needed. <br />Chairperson Steffen asked and received confirmation that there is room for a second building on <br />the site. <br />Member Riley asked and received confirmation that Mr. Sharp is comfortable with the language <br />staff suggested regarding the building letter of credit. <br />Economic Dev. Mgr/Assistant City Administrator Brama clarified that the building language is <br />tied to phase one, the first building, and there is nothing tied to the second building. He provided <br />additional information on the process Mr. Sharp follows in developing sites in this manner. <br />Member Hardin asked if this parcel has not been listed. <br />Economic Development Authority/June 8, 2017 <br />Page 2 of 9 <br />